Банкеръ Weekly

Briefs

REHABILITATION OF HAN KRUM POSTPONED

Recovery of the footwear manufacturer Han Krum in Krumovgrad will be postponed after the cancellation of the general meeting scheduled for April 9 when the shareholders were to approve the measures projected in its rehabilitation plan. Thus, chances for the enterprise to be up and about seem remote. The factory's Executive Director Mariana Kircheva refused to comment on the reasons for cancelling the general meeting, neither did she specify the rehabilitation measures which were to be approved. On April 9 Han Krum's shareholders had to vote for deleting the company from the public register and to terminate the powers of the curator Nikolai Haritiev. The idea for approving a rehabilitation plan is an acknowledgement that the enterprise has problems, although it managed to avoid bankruptcy. On May 17, 2002 the Regional Court of Kurdjali ruled that the company had been insolvent since December 30, 1999. On October 7, 2003, however, the Plovdiv Court of Appeal revoked that ruling. It did not honour the claim from the Bulgarian Industrial Association (BIA)for opening insolvency procedures against the footwear maker. According to BIA representatives, the association wanted to collect the receivables of one of its member companies. Han Krum makes mostly shoes with products supplied by its customers, and carries out joint activities with Italian partners, exporting its entire output. The enterprise posted a BGN149,000 loss last year and its liabilities amount to BGN1.3MN. Sole Trader Nad - Il - Nadezhda Gineva holds a majority 57% stake in the footwear manufacturer, 33% of the company's capital is in the hands of the Ministry of Economy, and the remaining shares are distributed between a group of natural persons.

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